Forensic Analysis · Upstream Exploration & Production · as of Nov 8, 2026
Tamboran Resources Corp (TBN)
A forensic read on Tamboran Resources Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
4.7
Distress distance
3
Forensic signals
-4.8%
ROE
2.1%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Tamboran Resources Corp earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 4.7, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+77.2%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +77.2% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. Net operating assets also rose $12.1M through acquisitions (cash paid for businesses); that purchase is investing and is excluded from this ratio. The build is led by PP&E up +142% on the year. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 1% of net operating assets, against an accruals ratio of 77.2%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
+54.2%/yr
FY2024–FY2026
Share-count dilution.Diluted share count changed +138% over the last 2 years to FY2026 (+54.2%/yr). The count is growing — 9.5M shares in FY2024, 22.5M in FY2026: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~54.2% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~58%.
1854% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 1854% of revenue in FY2025 — about $0.30 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 54.2% a year across FY2024–FY2026, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Key fundamentals
Latest Revenue$234,860
Revenue Growth YoY+2.1%
Net Margin-15712.3%
Free Cash Flow-$35.0M
Return on Equity-4.8%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Tamboran Resources Corp's actual 10-K/10-Q/8-K filings?